Lloyds Banking Group and Schroders are in talks to abandon their 2019-founded joint venture, Schroders Personal Wealth (SPW), after growth targets were missed, Professional Adviser's sister publication Investment Week understands.
People familiar with the matter told the Financial Times that plans have been drafted for Lloyds to take control of Schroders' 49.9% stake in SPW. They explained that SPW will continue its practice of discretionary fund management in which it invests client money into Schroders' funds, even if the deal progresses. The firm was set up in 2019 to target the mass affluent section of the market. By the end of 2024, it boasted £15.7bn in assets under management (AUM) and a network of more than 300 advisers. In November last year, SPW scrapped its multi-manager structure in favour ...
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